May 13, 2008

FaceBook can get you into debt

The social networking site, FaceBook has come under fire not for its lapse in security where all your friend’s details can be harvested, but this time it is because they are allowing their advertisers to get their adverts in front of people.

Nothing wrong with that, but when these adverts are targeting impressionable young people who are being targeted with cheap and easy credit, this is causing concern from credit charities who feel that Cheap Loans, Payday Loans and even Log Book loans are making too easy for these people to get seriously into debt.

Not only that these adverts are not conforming to the UK credit advertising regulations, which is very serious. There are around eight and half million FaceBook users in the UK most of them young. The adverts that target these should be reported to the website.

Source [BBC News]